I read an amusing article today at Slate.com. “Pity the Poor, Penniless Governors” by Jack Schafer. Seems many states are suddenly noticing there’s a recession on. “Not enough money? What will we do?!”, they cry!
As Mr. Schafer points out, state legislators simply need to tighten their belts and acknowledge economic realities. This means cutting back expenditures to be in line with revenues.
After all, it does not simply stand to reason that state and local budgets should increase year after year, without end. The folks in Houston know a little something about this type of fiscal unpleasantness, what with Enron’s implosion, hard knocks to Dynegy and Continental Airlines, and the absorption of Compaq by Hewlett-Packard.
Suffice it to say that I’ve known people in much worse financial straits than simply not being able to increase their personal spending. It’s about time government officials experience a little of the pain.